Discounted Cash Flow (DCF) Analysis Unlevered
BrainsWay Ltd. (BWAY)
$2
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 11.14 | 16.40 | 23.10 | 22.06 | 29.66 | 38.40 | 49.73 | 64.39 | 83.37 | 107.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -5.45 | -4.69 | -6.71 | -2.40 | -4.67 | -10.23 | -13.25 | -17.16 | -22.22 | -28.77 |
| EBITDA (%) | ||||||||||
| EBIT | -6.52 | -5.92 | -9.51 | -5.08 | -6.36 | -13.85 | -17.93 | -23.21 | -30.06 | -38.92 |
| EBIT (%) | ||||||||||
| Depreciation | 1.07 | 1.23 | 2.79 | 2.68 | 1.69 | 3.61 | 4.68 | 6.06 | 7.84 | 10.16 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 14.56 | 9.07 | 21.90 | 17.18 | 57.35 | 42.40 | 54.90 | 71.08 | 92.04 | 119.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.95 | 3.97 | 5.96 | 6 | 6.72 | 9.71 | 12.57 | 16.27 | 21.07 | 27.29 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.27 | 0.09 | 0.31 | 0.44 | 0.20 | 0.54 | 0.70 | 0.90 | 1.17 | 1.51 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.63 | 2.24 | 1.32 | 0.78 | 1.10 | 3.17 | 4.11 | 5.32 | 6.88 | 8.91 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.99 | -1.97 | -3.31 | -2.47 | -2.24 | -4.14 | -5.36 | -6.95 | -8.99 | -11.65 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2 |
|---|---|
| Beta | 0.195 |
| Diluted Shares Outstanding | 15.39 |
| Cost of Debt | |
| Tax Rate | -0.67 |
| After-tax Cost of Debt | 7.96% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.473 |
| Total Debt | 0.75 |
| Total Equity | 30.77 |
| Total Capital | 31.53 |
| Debt Weighting | 2.39 |
| Equity Weighting | 97.61 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 11.14 | 16.40 | 23.10 | 22.06 | 29.66 | 38.40 | 49.73 | 64.39 | 83.37 | 107.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -5.45 | -4.69 | -6.71 | -2.40 | -4.67 | -10.23 | -13.25 | -17.16 | -22.22 | -28.77 |
| EBIT | -6.52 | -5.92 | -9.51 | -5.08 | -6.36 | -13.85 | -17.93 | -23.21 | -30.06 | -38.92 |
| Tax Rate | -2.45% | -3.33% | -4.26% | -4.60% | -0.67% | -3.06% | -3.06% | -3.06% | -3.06% | -3.06% |
| EBIAT | -6.69 | -6.11 | -9.91 | -5.32 | -6.40 | -14.27 | -18.48 | -23.93 | -30.98 | -40.11 |
| Depreciation | 1.07 | 1.23 | 2.79 | 2.68 | 1.69 | 3.61 | 4.68 | 6.06 | 7.84 | 10.16 |
| Accounts Receivable | - | -1.02 | -1.98 | -0.05 | -0.72 | -2.99 | -2.86 | -3.71 | -4.80 | -6.21 |
| Inventories | - | 0.18 | -0.21 | -0.14 | 0.24 | -0.34 | -0.16 | -0.20 | -0.27 | -0.34 |
| Accounts Payable | - | 0.61 | -0.92 | -0.54 | 0.32 | 2.07 | 0.93 | 1.21 | 1.57 | 2.03 |
| Capital Expenditure | -0.98 | -1.97 | -3.31 | -2.47 | -2.24 | -4.14 | -5.36 | -6.95 | -8.99 | -11.65 |
| UFCF | -6.60 | -7.09 | -13.55 | -5.83 | -7.11 | -16.05 | -21.25 | -27.51 | -35.63 | -46.13 |
| WACC | ||||||||||
| PV UFCF | -15.35 | -19.44 | -24.07 | -29.81 | -36.91 | |||||
| SUM PV UFCF | -125.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.56 |
| Free cash flow (t + 1) | -47.06 |
| Terminal Value | -1,838.12 |
| Present Value of Terminal Value | -1,470.77 |
Intrinsic Value
| Enterprise Value | -1,596.35 |
|---|---|
| Net Debt | -16.17 |
| Equity Value | -1,580.19 |
| Shares Outstanding | 15.39 |
| Equity Value Per Share | -102.70 |